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In seinem Urteil vom 15. November 2012 (Az. IX ZR 169/11) hat der BGH einen Schlussstrich unter den Meinungsstreit zur Wirksamkeit von Lösungsklauseln gezogen: Insolvenzabhängige Lösungsklauseln sind unwirksam, wenn nicht eine entsprechende Lösungsmöglichkeit...

A proposal to update the EU Insolvency Regulation was announced in December with the intention of making it easier for viable businesses in financial difficulties to restructure. It is hoped that the proposal will stem the current loss of 1.7 million jobs and...

Earlier this year the German Federal Court found that recognition of the Scheme of Arrangement related to insurance matters would be contrary to European legislation on the recognition and enforcement of judgments. As this judgment is limited to insurance matters,...

As tough economic conditions persist, how are restructuring techniques adapting to meet the needs of the market? And how do they differ across Europe? A team of Clifford Chance experts from Paris, Frankfurt, Madrid and London discuss the latest developments...

Clifford Chance is delighted to announce that the 2012 edition of its brochure 'European Insolvency Procedures' is now available. Adrian Cohen, partner in the restructuring and insolvency group in London and European liaison partner, notes "The...

Under German insolvency law, the managing directors of a crisis-shaken limited liability company are obliged to file for the opening of insolvency proceedings within three weeks of an insolvency event (ie, either over-indebtedness or illiquidity) occuring. If...

In insolvency proceedings, the creditors' main interest is in having the insolvency administrator maximise the insolvency estate and then distribute the proceeds among the creditors. Under German insolvency law, the insolvency estate is protected from any...

On 1 March various changes to insolvency law which aim to facilitate the restructuring of operating companies will enter into force. Stefan Sax, partner in the restructuring group in Frankfurt, comments "The purpose of the reform is to improve the prospects...

On 1 March various changes to insolvency law which aim to facilitate the restructuring of operating companies will enter into force. Stefan Sax, partner in the restructuring group in Frankfurt, comments "The purpose of the reform is to improve the prospects...

Eine Vielzahl von Sanierungen aus der jüngeren Vergangenheit sahen sich mit den wirtschaftlichen Auswirkungen des Credit Crunch konfrontiert. Viele Transaktionen hatten ihren Ursprung in der Private Equity Boom-Zeit der Jahre 2005 bis 2008. Im Vorfeld einer Sanierung...